In line with the ease of doing business in Nigeria, the Central Bank of Nigeria is making access to agric loan easier with friendly policies.
Kindly visit to apply here
- Open Heaven 11th May 2021 RCCG Daily Devotional (Service To The Anointed.)
- How Do JAMB Rate Your Score
- How to Check 2020 National Examinations Council (NECO) GCE Result Online
- How to Purchase National Examinations Council (NECO) Tokens to Check SSCE, BECE, and NCEE Results Online
- FCT College of Education Zuba Admission List for 2020/2021 Academic Session
CBN has made some guidelines to Non-Interest Financial Institutions under its Micro, Small and Medium Enterprises Development Fund (MSMEDF) and Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS)
How the AGSMEIS works
Each non-interest Deposit Bank was also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank.
Eligible activities under the Scheme are businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics and marketing.
Others included MSMEs in the real sector including manufacturing, ICT, mining, petrochemicals and the creative industry as well as other activities as the CBN may determine from time to time.
The CBN would create a Fund to be known as ‘AGSMEIS Non-Interest Fund’ that will be domiciled in a dedicated account with the apex bank. Each non-interest deposit Bank (full-fledged or window) was to set aside 5% of its Profit After Tax (PAT) annually as contribution to the Fund.
How to access fund
The application of the Fund shall be categorised into three broad components. They are debt, equity and developmental components.
The debt component shall constitute 50% of the fund which shall be disbursed as financings to eligible businesses through Non-Interest Deposit Money Banks.
Asset purchased shall be registered with the National Collateral Registry (NCR).
Financing limit: N10, 000,000
Mark-up: 5% per annum
Tenor: Up to 7 years (depending on the nature/gestation period of the
Moratorium: Maximum of 18 months for principal and 6 months on mark-up
Letter of Introduction from any of the following: Clergy, Village Head, District Head, Traditional Ruler, senior civil servant etc (for individuals, microenterprises only).
Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).
Duly completed application form.
Bank Verification Number (BVN).
Certificate of Training from recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector association.
- Apply For: Rise Up Youth Champions Initiative 2021 grants
- Katsina State College of Nursing and Midwifery (CONAMKAT) Community Nursing Programme Admission Form 2021
- Open Heaven 16th June 2021 RCCG Daily Devotional (The Sin Of Covetousness)
- Federal University of Technology Minna (FUTMINNA) Pre-Degree/IJMB School Fees for 2021/2022 Academic Session
- Professional Tailor at Westingate Group – Apply Now
Religion7 days ago
Open Heaven 10th June 2021 RCCG Daily Devotional (Blessed Fruitfulness)
Npower6 days ago
N-Power: FG shortlists 550,000 Batch C applicants for final stage
Nigeria News7 days ago
How to Gain Admission to Study Abroad – See Steps
Scholarship6 days ago
TY Danjuma Scholarship 2021/2022 for Africans to Study in Leading Business Schools
Nigeria News7 days ago
Update: Npower Batch C Stream 2 Commencement Date…
Religion5 days ago
Open Heaven 11th June 2021 RCCG Daily Devotional (Let There Be Order)
Education5 days ago
JAMB considers conduct of a 2nd UTME for 2021 candidates with registration issues
business5 days ago
CBN Nirsal Covid19 Loan 2021 Approval Begins – If you applied for House Hold, Check here